New Zealand Bank ASB Facilitates Meat Export To South Korea Via Blockchain
The use case scenarios of blockchain have added another feather into its hat, the New Zealand private bank ASB has enabled a meat shipment to South Korea by using distributed ledger technology (DLT). The financial institution claims that while ASB used DLT “in parallel” with its traditional system, this deal marks the first-ever “bank-led blockchain trade” in New Zealand’s export history.
According to the press release on Friday, the ASB settled a transaction between Greenlea Premier Meats and a South Korean importer along with a local export insurer Vero and documentation processing distributor Prodoc. The head of global transaction banking at ASB, Greg Beehre, explains that instead of the transaction time needed with the traditional trading software of two to four days, the blockchain system speeded up the export process to an hour. All trading documents were uploaded, shared, and updated by using blockchain solutions. Beehre commented in the press release:
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